The Federal Financial Institutions Examination Council (FFIEC), on behalf of its members, today released a Cybersecurity Assessment Tool (Assessment) to help institutions identify their risks and assess their cybersecurity preparedness.

Financial institutions of all sizes may use the Assessment and other methodologies to perform a self-assessment and inform their risk management strategies. The release of the Cybsercurity Assessment Tool follows last yearís pilot assessment of cybersecurity preparedness at more than 500 institutions. The FFIEC members plan to update the Assessment as threats, vulnerabilities, and operational environments evolve.

In addition to the Assessment, the FFIEC has also made available resources institutions may find useful, including an executive overview, a userís guide, an online presentation explaining the Assessment, and appendices mapping the Assessmentís baseline maturity statements to the FFIEC Information Technology Examination Handbook, mapping all maturity statements to the National Institute of Standards and Technology's Cybersecurity Framework, and providing a glossary of terms.

The FFIEC members are also encouraging institutions to comment on the Assessment through an upcoming Paperwork Reduction Act notice in the Federal Register.

The FFIEC provides several resources to further awareness of cyber threats and help financial institutions improve their cybersecurity. These resources are available on the FFIEC website at http://www.ffiec.gov/cybersecurity.htm.

The FFIEC was established in March 1979 to prescribe uniform principles, standards, and report forms and to promote uniformity in the supervision of financial institutions. It also conducts schools for examiners employed by the five federal member agencies represented on the FFIEC and makes those schools available to employees of state agencies that supervise financial institutions. The Council currently consists of the following six voting members: a member of the Board of Governors of the Federal Reserve System (Board), appointed by the Chairman of the Board; Chairman of the Federal Deposit Insurance Corporation; Director of the Consumer Financial Protection Bureau; the Comptroller of the Currency, Office of Comptroller of the Currency; Chairman of the National Credit Union Administration; and the Chairman of the State Liaison Committee.

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Last Modified: 08/03/2016 2:00 PM